ArmInfo
Tekhut project is underway and we will shortly appear with good news for the Armenian market, Director General-Chairman of the Board of Directors of Bank VTB (Armenia) Valery Hovsyannikov said during a press-conference.
Considering the change of the situation on the raw materials market, the bank has revised its economy on Tekhut project. "Now that the raw materials prices have stopped falling, we are completing re-assessment of this project. This project is being closely controlled of the Armenian and Russian goverments."
To remind, $ 275mln credit agreement on the investment project of Armenian Copper Programme to organize mining activities at Tekhut copper-molybdenum deposit was signed May 27 2008. The bank has been considering the decision to finance this project for 1.5 years.
According to Vallex Group, at the initial stage the factory will produce 32,000 tons of copper concentrate and 900 tons of molybdenum concentrate. Tekhut deposit has 450mln tons of copper-molybdenum ore, 1.6mln tons of copper and 99,000 tons of molybdenum.
May 06, 2009